-says petroleum resources must not transform into buying votes

Citing the “resource curse” that many petroleum producing countries have experienced, Prime Minister Moses Nagamootoo says the government is committed to ensure transparency and accountability as Guyana‘s petroleum sector evolves.

The Prime Minister was at the time speaking at the opening of the Guyana Oil and Gas Association (GOGA) conference and exhibition at the Georgetown Marriot Hotel in Kingston on Monday morning.

The Prime Minister noted that in his responsibility for governance, he wishes to see a governance structure in which officials are accountable. He pointed to the administration’s “early move” since it assumed office in pursuing constitutional reform which he noted is to ensure that there is no political “one-man ship”.

He said the constitution needs to guarantee that there would not be practices of authoritarianism.

“We are very uncompromising as regards the avoidance of sleaze and maleficence in public office,” he said noting that there are many stories of the resource course where the governance structure could not support the viability of the petroleum sector in some countries.

According to Nagamootoo, the government will work towards ensuring that there is public accountability in which the government sets the example.

While addressing the packed room, the Prime Minister also noted that when the portfolio of governance was provided to him, one of the first initiatives pursued was Guyana’s preparation to become a member of the Extractive Industries Transparency Initiative (EITI). He said that the move was to ensure that the petroleum industry be one which is characterized by transparency, accountability.

The Prime Minister, during his address, also commended subject Minister, Raphael Trotman whom he noted has reassured that a sovereign wealth fund will be established.

He said the government considers that a proportion of the proceeds of the industry should not only be expended on the future of the country but must also be invested in the development of resources as well as in the infrastructure, education and health sectors. To this end, he pointed to an integration of other sectors of the economy with that of the petroleum industry.

He noted too that the government wants to see resources “spread into the future and not just gobbled up by any administration that would feel the proceeds should be for short term gains.” He added that “it must not transform into votes,” but a viable future.

During Monday’s agenda of the conference, presentations are expected to be made on the Guyana Basin, technologies in the sector, as well as on environmental, regulatory and safety standards.